Tritax has acquired a distribution centre in Portbury, Bristol, for £25.2m – a yield of 5.15%.
The 250,763 sq ft warehouse, which is let to food wholesaler Brake Bros, was bought with a new unexpired lease term of approximately 30 years, which is subject to five-yearly upward-only rent reviews.
The property comprises a purpose-built cold store facility with a multi-temperature control system.
Tritax partner Colin Godfrey said: “The Brake Bros Distribution Centre in Portbury, Bristol will provide long-term income from an established covenant and further geographic diversification of our portfolio.
“The property will benefit from significant capital expenditure by the tenant, underlining Brake Bros’ commitment to the asset. The 30-year lease commitment increases the company’s portfolio weighted unexpired lease term to 16.7 years.”
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